Chapter 13 Bankruptcy
A Chapter 13 Bankruptcy allows an individual to reorganize their affairs while under the protection of the bankruptcy court so that they can pay off their debts in a manner that can be accommodated by their resources and income. This is why it is also sometimes referred to as a repayment plan.An important feature of a Chapter 13 Bankruptcy is that it allows the debtor to protect some or all of their assets depending upon the details of their situation. The debtor would effectively arrange for a modified schedule of repayment to their creditors.
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As with all bankruptcy filings, it is advisable to seek expert legal counsel when deciding upon the process and which bankruptcy type to file for. The process itself is difficult and tedious and should be negotiated only under the guidance of qualified and experienced professionals.
The Law Office of Rowena N. Nelson, LLC, has the experience and the expertise required to lead you through this process towards financial freedom.
If you have more questions about Chapter 13 Bankruptcy, contact us.